More than 300 people attended the Chamber’s North East GDPR Summit this week.
Members heard from specialists in law, accounting, insurance and IT on the impact new data protection regulations coming into force next year could have on their business.
Speakers from Womble Bond Dickinson, KPMG, Pulsant and Arthur J Gallagher warned businesses that now was the time to act to avoid being caught out by fines from the regulator and the reputation damage that could result from poor data protection processes.
The General Data Protection Regulation (GDPR) is a new European standard which in the UK will replace the Data Protection Act 1998 from May 2018, and will allow the Information Commissioner’s Office to levy fines of up to £20m or 4% of global turnover.
The Summit highlighted a number of key issues for businesses to address, including the need to obtain consent from customers and employees for how their data will be used, potential problems arising from third party suppliers and contractors who share data, and the benefits from gaining a recognised certification as a business, such as the Government-backed Cyber Essentials or ISO27001 certificates.
The Chamber will be holding a follow up event on GDPR in February next year, giving an update with 100 days to go before the regulations take effect.